My question involves estate proceedings in the state of: PA
Just need some clarification. My attorney and I went to open an estate account at a local bank, which is also a national bank. There are assets (stocks and bonds) which are in a different account through an investment brokerage firm. Even though we already have an estate account established at the local bank, the broker is saying we need to establish a 2nd estate account through the brokerage. I told my lawyer this and he said that was nonsense and no need to do that. The broker claims that the stocks are stuck in limbo in a deceased person's account, and the stocks cannot be liquidated until they are first moved into an estate account at the brokerage.
What say all of you?